Place 10 | 121m | 35s | Centron | Gibbs Gage

UrbanWarrior

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This project's podium is pretty much totally retail.
 

UrbanWarrior

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The first floor of what was going to be the east office tower is already built... it's a retail podium. I posted the massing render for the residential reimagining a couple pages back. Here it is again since we're on a new page and confirmation that it's going ahead. From the massing, it's very clear they're intending a retail podium. If they're actually targeting 47 storeys as rendered, we're looking at another rental tower at or over 150 meters.

 

John Wick

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Would this revised (now residential) project still have the +15 connecting it to the CBD? I don’t think any other residential towers connect.
 

UrbanWarrior

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The +15 was to be on the east side of the building connecting to the huge parking garage next door, from the render there it doesn't look like it's included.
 

UrbanWarrior

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I hope I'm wrong, it would be cool.
 

Surrealplaces

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I personally would consider a +15 a pretty nice amenity for a resident. I know, take away street vibrancy, yada yada yada, but the ability to walk to your office in winter without a coat would be very appealing.
As a resident I would like that too. Keep the retail at street, and the +15 would be fine.
 

outoftheice

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I'm most curious about how the podium interacts with the pedestrian underpass. If I remember correctly from the original design there was supposed to be retail on the east side fronting the underpass which would have been a first in Calgary. Can't tell on the updated render if they kept it but hopefully they did
 

UrbanWarrior

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It'll almost certainly be included, as that section is already built.
 

darwink

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More rentals! Vacancy rate still is healthy, but I wonder whether the current rents are covering costs. Will be interesting to see the change from these October 2018 numbers when the next CMHC report is released. If the number of units is going up, vacancy stays healthy, median rent drops, but average rent increases, it means that these higher rent projects are successfully filling themselves up.
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Sky of Blue

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I have been crunching numbers for rent vs buying and I would say the rents are not covering the costs. Not when factoring in carrying costs, condo fees/maintenance/insurance, property tax, and property value is likely to decline instead of appreciate going forwards for likely many years. I’d say the average rental owner is having to subsidize on top of the rent. Even if I buy cash to remove carrying costs, I still lose the interest/dividends the money makes invested, so I have to factor that is as a cost. A purpose built rental building would stand a better chance of being profitable.
 
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